Young Money Management
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Save it, don't blow it on a fancy car or electronic toys. I wouldn't go throwing it around in the market either unless you know what you are doing or have someone who does. Park it for a bit in something that will get a secure, decent return and don't make any fast decisions otherwise Poof! It could be gone sooner than you think. This will allow time to think through all options and the best use for the cash. At 18 it could pay for college, save for a down payment towards a house in a few years, etc
It's a nice chunk of change but certainly not life changing and I wouldn't think it would require substantial management.
It's a nice chunk of change but certainly not life changing and I wouldn't think it would require substantial management.
If the money wasn't given to you in a trust fund what would the purpose of this be? Take it and think about what is the biggest priority at the moment. In any case, you can take this generous gift and make it larger than what you received by making good, well planned decisions.
Just don't do what a friend of mine did. He received about $50K from his grandfather that passed away. In less than a year he had it all - a new HDTV, new high end video camera, a nice computer, car and that was the end of it. The TV is now outdated, the computer needing to be replaced and video camera was never used more than once. Also pissed away a lot on booze and girls because it was more than he ever had. Party's over now.
If your serious. I trade and manage money for a living, and can give you ideas of where to park it. Don't worry not going to sell you anything..LOL In all seriousness though, for a sum of value you mentioned, I would just put it in a high yield savings account. You could also create a diversified income producing bond portfolio out of it. Unless you take an aggressive stance though, your returns probably won't beat real inflation by much, but your principle will be there for when your mature and ready to go for it.
Good luck.
Good luck.
Save it. Don't spend it. Bank CD's and money market funds are secure investments.
How you use this money depends on what you want to do with your life. This money can help you do lots of things. It can help you buy a house if you want to own a house. It can also pay for school if you want to have a career. Do you know what you want to do with your life? It is OK to work different jobs for a few years and learn about various occupations.
Looking back, I wish I started my IRA at a younger age. That IRA money can really grow over the years.
How you use this money depends on what you want to do with your life. This money can help you do lots of things. It can help you buy a house if you want to own a house. It can also pay for school if you want to have a career. Do you know what you want to do with your life? It is OK to work different jobs for a few years and learn about various occupations.
Looking back, I wish I started my IRA at a younger age. That IRA money can really grow over the years.
